Record-Breaking 3.37 Million Tonnes Shipped Amidst Growing Demand from Asian Markets
The Port of Melbourne has achieved a historic milestone in grain exports, recording a shipment of 3.37 million tonnes for the financial year ending June 30, 2024. This represents the largest volume of grain exports in the port’s history, driven by a consistent increase in demand from key markets in Asia, including China, Indonesia, and Vietnam.
According to Leatrice Treharne, Head of Business Development at the Port of Melbourne, grain exports accounted for 30 percent of the port’s total exports in FY24, with a notable 5 percent increase from the previous fiscal year. The major grains handled include wheat, barley, canola, cereals, and oats, with wheat leading the charge, amounting to 42,000 TEU (Twenty-Foot Equivalent Units) exported during this period.
The Port of Melbourne’s grain export volume has shown impressive growth, with a compound annual growth rate (CAGR) of 36 percent from FY19 to FY24. This marks a significant recovery from the drought-affected year of FY19 when grain exports dropped to 700,000 tonnes.
China has emerged as a dominant importer, with grain shipments from the Port of Melbourne to China rising by 77 percent from FY23 to FY24. This substantial increase underscores the strategic importance of the trade relationship between Australia and China, particularly with barley showing the strongest growth among all grain commodities.
In addition to China, other major importers of Australian grains include The Philippines, Japan, New Zealand, Malaysia, and Thailand, which together accounted for 47 percent of the port’s grain exports in 2024.
The ongoing growth in grain exports through the Port of Melbourne highlights the robust demand for Australian agricultural products in Asia and solidifies the port’s position as a crucial hub for international grain trade.
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